Record and Information Management among SMES in Ghana: Evidence from Selected SMES in the WA Municipality of Ghana

Abstract

SMEs represent a significant constituency among the development vehicles of Ghana. They are described as the engine of growth for the local economy with several central government interventions in that sector. Research however reveals that, the rate of business collapse in this sector is high, thereby negating the interventions instituted to facilitate the growth of the sector. Besides, mismanagement and poor record keeping practices have been identified as a bane in the sector contributing to the rapid collapse of entities. The main purpose of this study was to explore the record keeping practices among SMEs in the Wa Municipality of Ghana. The study therefore made use of an exploratory design to collect information from respondents about the record keeping activities of their businesses. Findings of this study reveal that, most respondents did keep some form of record in their business as contradicting the position of literature. Again, the study shows that SMEs in the Municipality keep predominantly financial records for reasons such as inventory, personal, administrative and on financial principle. Predominant financial records such as day books, cash books and to a lesser extent, ledgers were seen as imperative for proper management of many businesses in the Municipality. These financial records and subsequent financial statements were kept and prepared according to the needs of the selected SMEs and not in conformity with standards.